Northport To Decide By Oct Financial Instrument To Raise RM1 Billion For Expansion


Northport (M) Bhd will decide by October the financial instrument it will use to raise RM1 billion for its expansion, said Chief Executive Officer Abi Sofian Abdul Hamid.

He said the company was looking at the options of raising the money via the stock market or Islamic bonds, sukuk amid the volatility of Bursa Malaysia and the weakening ringgit against the greenback.

“The fund is needed to upgrade the port infrastucture as the wharfs were over 30 years old. We are the oldest port in Port Klang. We are now looking at the wharf requirements for the next 30 years,” he said.

Abi Sofian said this at a media briefing after the launch of the port’s electronic port pass system and Web-based client access system here Tuesday.

He said it was a challenge to meet the company’s five per cent growth target this year under the current economic conditions.

“This year, Northport is looking to handle about three million TEUS (twenty-foot equivalent unit) of containers compared with 3.09 million TEUs last year,” he said.

On the port’s Electronic Pass System, Abi Sofian said he hoped the new application created by its Information System Division would eliminate the hassle of applying for a port pass among its clients.BERNAMA

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